DOCSLIB.ORG

Powering Ahead

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
Powering Ahead POWERING AHEAD SIA ENGINEERING COMPANY ANNUAL REPORT 2010/11 SIA Engineering Company Annual Report 2010/11 COMPANY PROFILE As a leading maintenance, repair and overhaul (MRO) organisation with a reputation for technical and operational excellence, SIA Engineering Company offers TOTAL SUPPORT solutions to an expanding client base of international airlines. With specialised technical expertise developed over the years, the Company offers its customers a high level of service and commitment, with faster turnaround and better cost efficiencies. The Company actively seeks alliances and partnerships with industry specialists and original equipment manufacturers to extend the breadth and depth of its services in Singapore and beyond. Certified a “People Developer” by Spring Singapore, SIA Engineering Company places high priority on attracting, developing, motivating and retaining its human capital. The Company holds certifications from 25 airworthiness authorities worldwide, including the Civil Aviation Authority of Singapore, the Federal Aviation Administration, the European Aviation Safety Agency and the Japan Civil Aviation Bureau. CORPORATE CALENDAR 2010 2011 14 May Announcement of FY2009/10 10 May Announcement of FY2010/11 full-year financial results full-year financial results 17 May Analyst briefing on FY2009/10 11 May Analyst briefing on FY2010/11 full-year financial results full-year financial results 25 Jun Despatch of Annual Report to 27 Jun Despatch of Annual Report to shareholders shareholders 23 Jul 28th Annual General Meeting 22 Jul 29th Annual General Meeting 23 Jul Announcement of FY2010/11 26 Jul Announcement of FY2011/12 first-quarter financial results first-quarter financial results 11 Aug Payment of FY2009/10 final dividend 11 Aug Payment of FY2010/11 final dividends 2 Nov Announcement of FY2010/11 second-quarter financial results 28 Oct Announcement of FY2011/12 second-quarter financial results 3 Nov Analyst briefing on FY2010/11 second-quarter financial results 31 Oct Analyst briefing on FY2011/12 second-quarter financial results 1 Dec Payment of FY2010/11 interim dividend CONTENTS Chairman’s Statement 1 Operational Highlights 6 Shareholding Statistics 120 Board Of Directors 3 Statistical Highlights 8 Share Price and Turnover 121 Executive Management 4 Corporate Governance 9 Notice Of Annual General Meeting 122 Group Corporate Structure 5 Financials 33 Proxy Form 01 SIA Engineering Company Annual Report 2010/11 CHAIRMAN’S STATEMENT “Through the focused and disciplined execution of our strategies, supported by a highly productive workforce that is ready to embrace change, I am confident we will power ahead and grow, particularly in the Asia-Pacific.” Dear Shareholders, In my message to shareholders last year, I had addressed how ready to innovate and adapt to changes and emerging opportunities the aviation industry had been impacted by the global economic in the global MRO arena. downturn and financial crisis, and touched on the Company’s focus to transform the work culture to meet the challenges of an increasingly FOCUS ON SUSTAINABLE GROWTH competitive environment. We started life as the engineering arm of the national airline more than For F Y2010/2011, the Group turned in a good set of results, registering 60 years ago. With the wealth of experience and capabilities in airline a record-high revenue of $1,106.9 million despite the steady decline engineering and MRO services gained from this linkage, we have of the US dollar. This performance was in no small measure due to grown our fleet management services beyond the SIA Group. Today, the unwavering support of our staff and unions, our joint venture SIAEC is one of the largest fleet management service providers in partners, as well as the loyalty of our customers. the world, serving a fleet size of more than 140 aircraft for 11 airlines. BUILDING A WORLD-CLASS WORKFORCE In November 2010, our Line Maintenance global network established a sixth point in Ho Chi Minh City. With operations covering major Indeed, the core strength and competitive advantage of the Group airports in Singapore, Sydney, Brisbane, Melbourne, Los Angeles, are its people. To remain committed to becoming a global MRO Hong Kong, Jakarta, Manila and now, Vietnam, the network spans leader, our workforce must continue to distinguish in the areas of across 20 airports in seven countries, handling more than 600 flights productivity and service quality. We are making good progress with for 73 airlines daily - that is, one flight every two and a half minutes! our Cheaper Better Faster initiatives, but more remains to be done. Notwithstanding a highly competitive operating environment, our In October 2010, the Company launched the Integrated Quality Aircraft & Component Services business has extended its customer Programme, or IQP for short. IQP reaches out to the rank and file reach, and the order books for our six hangars in Singapore remain - it focuses on building a culture of work excellence, raising quality healthy. The ongoing restructuring of our workshops to form jointly- standards and instituting continuous improvement throughout the owned facilities with original equipment manufacturers (OEMs) is organisation. IQP will strengthen the passion and desire of our people yielding positive results and leading to the rejuvenation of revenue to make quality a way of life, leading to a world-class workforce that is streams for our component overhaul business. 02 SIA Engineering Company Annual Report 2010/11 LEVERAGING ON THE MRO/OEM SYNERGY IN APPRECIATION Our share of profits from our 25 joint ventures, spread across 9 Mr Chew Choon Seng, who had served as Director and Deputy countries, accounted for 48.8% of the Group’s pre-tax profits in Chairman since May 2003, relinquished his appointments on 1 FY2010/11. In Singapore, our portfolio of 15 joint ventures, forged January 2011 upon his retirement as CEO of Singapore Airlines. with leading OEMs, gives customers direct access to critical OEM Choon Seng was instrumental in steering the Group through the support, spares and proprietary technology. These benefits, many challenges that buffeted the industry in the wake of the Sars integrated seamlessly with our MRO services, give the Group a contagion, terrorism and the conflicts in the Middle East. We are unique competitive edge. We are pleased that our collaborations truly indebted to Choon Seng for his distinguished leadership and have also spun off valuable downstream repair activities, adding to insights. Another stalwart, Mr Koh Kheng Siong, who has been the vibrancy and attraction of Singapore as an aviation hub. a Director since September 2005 and served as Chairman of the Audit Committee for the past five years, is retiring from the Board During the year, our joint venture with the SAFRAN Group opened a at the close of the Annual General Meeting on 22 July 2011. We are state-of-the-art avionics overhaul centre in Singapore. The facility is thankful to Kheng Siong for his unstinting dedication and service. The SAFRAN’s first avionics Centre of Excellence in Asia. In November Board extends a warm welcome to Mr Goh Choon Phong, CEO of 2010, we announced our 25th joint venture, with Panasonic Avionics Singapore Airlines, who joined the Board on 1 January 2011. Corporation, to set up a facility for the repair and overhaul of in-flight entertainment and communications systems. I am grateful to my fellow Directors for their commitment to SIAEC. Their active participation and support have strengthened Board Another joint venture, Singapore JAMCO, our collaboration with decision-making and provided insightful leadership for the Group. JAMCO Corporation and Itochu Corporation of Japan, expanded its galley manufacturing capacity in Singapore by 85%. In October To our shareholders, I thank you for your confidence in the Group. 2010, Singapore JAMCO received the coveted “Boeing Offerable Delivering high, sustainable shareholder value remains paramount Supplier” status for single-aisle aircraft. Together with its Airbus to the development and execution of our strategies. My warm approved supplier status, Singapore JAMCO is well placed to tap the appreciation goes to all our customers and business partners for OEM market for cabin galleys, in tandem with the growing worldwide their unwavering support and encouragement. Last but not least, demand for single aisle aircraft. I thank our staff for their hard work and devoted service, and our unions for their constructive co-operation. We will stay the course of this winning strategy and continue to explore more tie-ups with OEMs in their latest products and technology. The way ahead remains uncertain and challenging; we must remain vigilant and proactive. Through the focused and disciplined execution DIVIDENDS of our strategies, supported by a highly productive workforce that is ready to embrace change, I am confident we will power ahead and In view of the Company’s current cash balance, your Directors are grow, particularly in the Asia-Pacific. recommending a one-off special dividend of 10 cents per share. Together with the final ordinary dividend of 14 cents per share and the interim dividend of 6 cents per share, which has been paid, the total payout for FY2010/2011 will be 30 cents per share. Stephen Lee Ching Yen Chairman 03 SIA Engineering Company Annual Report 2010/11 BOARD OF DIRECTORS Stephen Lee Ching Yen Chew Choon Seng Goh Choon Phong Chairman Deputy Chairman (until 31 Dec 2010) Director (from 1 Jan 2011) Koh Kheng Siong Paul Chan Kwai Wah
Load more

Recommended publications
  • Sia Engineering Company in Negotiations to Acquire 25% Stake in Gameco
    17 April 2002 SIA ENGINEERING COMPANY IN NEGOTIATIONS TO ACQUIRE 25% STAKE IN GAMECO SIA Engineering Company in negotiations to acquire 25% stake in GAMECO SINGAPORE, 17 April 2002 – Mainboard-listed SIA Engineering Company Limited, a leading provider of aircraft maintenance, repair and overhaul (MRO) services in Asia-Pacific, has entered into a conditional agreement to acquire the entire 25% stake in Guangzhou Aircraft Maintenance Engineering Company (GAMECO) held by U.S. aerospace firm Lockheed Martin Aeronautics Service International. SIA Engineering Company and Lockheed Martin Aeronautics Service International will proceed to negotiate the detailed terms of the definitive agreement. The proposed transaction will be subject to, amongst other things, the consent of the shareholders of GAMECO as well as the receipt of necessary regulatory and government approvals. The conclusion of the proposed transaction is subject to negotiations, entry into the mutually agreed definitive agreement and satisfaction of closing conditions. SIA Engineering Company will make further announcements at the appropriate time. About SIA Engineering Company SIA Engineering Company is a major provider of aircraft maintenance, repair and overhaul (MRO) services in Asia-Pacific. The Company has a client base of more than 80 international carriers and aerospace equipment manufacturers. It provides line maintenance services at Singapore Changi Airport for about 220 flights daily, as well as airframe and component overhaul on some of the most advanced and widely used commercial aircraft in the world. 16 joint ventures with original equipment manufacturers and airlines in Singapore, Ireland, China, Hongkong and Taiwan increase the depth and breadth of the Company’s comprehensive service offerings.
    [Show full text]
  • The State of 5G Trials
    The State of Trials Courtesy of 5G Data Speeds Shows the highest claimed data speeds reached during 5G trials, where disclosed 36 Gb/s Etisalat 35.46 Gb/s Ooredoo 35 Gb/s M1 35 Gb/s StarHub 35 Gb/s Optus 20 Gb/s Telstra 20 Gb/s Vodafone UK 15 Gb/s Telia 14 Gb/s AT&T 12 Gb/s T-Mobile USA 11.29 Gb/s NTT DoCoMo 10 Gb/s Vodafone Turkey 10 Gb/s Verizon 10 Gb/s Orange France 9 Gb/s US Cellular 7 Gb/s SK Telecom 5.7 Gb/s SmartTone 5 Gb/s Vodafone Australia 4.5 Gb/s Sonera 4 Gb/s Sprint 2.3 Gb/s Korea Telecom 2.2 Gb/s C Spire 5G Trial Spectrum Shows the spectrum used by operators during 5G trials, where disclosed Telstra Optus NTTDoCoMo AT&T AT&T AT&T AT&T Verizon Vodafone Korea Vodafone Bell Vodafone StarHub UK Telecom Turkey Canada Turkey Sonera China SmarTone C Spire Verizon Mobile M1 Vodafone Sprint Korea Australia Telecom Optus Telia NTT DoCoMo Sprint Turkcell SK Telecom US Cellular T-Mobile USA Verizon US Cellular Verizon SUB 3 3.5 4.5 SUB 6 15 28 39 64 70 70-80 71-76 73 81-86 60-90 GHTZ Operator 5G Trials Shows the current state of 5G progress attained by operators Announced 5G trials Lab testing 5G Field testing 5G Operators that have announced timings of Operators that have announced Operators that have announced that they trials or publicly disclosed MoUs for trials that they have lab tested 5G have conducted 5G testing in the field Equipment Providers in 5G Trials Shows which equipment providers are involved in 5G trials with operators MTS T-Mobile USA SK Telekom Verizon Batelco Turkcell AT&T Bell Canada Sonera SmarTone Vodafone Orange BT Taiwan Germany Telia Mobile Telstra C Spire Vodafone US Cellular Vodafone Turkey M1 Australia MTS Ooredoo M1 NTT Docomo Optus Orange China StarHub Mobile Korea Telecom 5G trials with all five equipment providers Telefonica Deutsche Telekom Etisalat Telus Vodafone UK Viavi (NASDAQ: VIAV) is a global provider of network test, monitoring and assurance solutions to communications service providers, enterprises and their ecosystems.
    [Show full text]
  • Starhub's Service Specific Terms & Conditions Post-Paid Mobile Services
    STARHUB'S SERVICE SPECIFIC TERMS & CONDITIONS POST-PAID MOBILE PLANS, VALUE-ADDED SERVICES AND OTHERS STARHUB'S SERVICE SPECIFIC TERMS & CONDITIONS POST-PAID MOBILE SERVICES TABLE OF CONTENTS SECTION A: POST-PAID MOBILE SERVICES ......................................................................................................................................... 4 1. Basic terms and conditions ...................................................................................................................................................... 4 2. BlackBerry® Plans .................................................................................................................................................................... 12 3. Mobile Data Plans .................................................................................................................................................................... 13 4. Mobile Voice Plans ................................................................................................................................................................... 13 4.1 XS/S/M/L/XL Plans .................................................................................................................................................... 25 4.2 Lite Plan ....................................................................................................................................................................... 26 4.3 HD Voice & HD Voice+ ........................................................................................................................................
    [Show full text]
  • Board of Directors
    13 SINGAPORE TELECOMMUNICATIONS LIMITED Board of Directors SIMON ISRAEL • Non-executive and non-independent Director • Member, Optus Advisory Committee • Chairman, Singtel Board • Date of Appointment: Director on 4 Jul • Chairman, Finance and Investment Committee 2003 and Chairman on 29 Jul 2011 • Member, Corporate Governance and • Last Re-elected: 26 Jul 2013 Nominations Committee • Number of directorships in listed • Member, Executive Resource and companies (including Singtel): 4 Compensation Committee Mr Simon Israel, 63, is the Chairman of Singapore Post Limited and a Director of CapitaLand Limited, Fonterra Co-operative Group Limited and Stewardship Asia Centre Pte. Ltd. He is also a member of the Governing Board of Lee Kuan Yew School of Public Policy and Westpac’s Asia Advisory Board. Simon is a former Chairman of Asia Pacifi c Breweries Limited. Simon was an Executive Director and President of Temasek Holdings (Private) Limited before retiring on 1 July 2011. Prior to that, he was Chairman, Asia Pacifi c of the Danone Group. Simon also held various positions in Sara Lee Corporation before becoming President (Household & Personal Care), Asia Pacifi c. Simon was conferred Knight in the Legion of Honour by the French government in 2007 and awarded the Public Service Medal at the Singapore National Day Awards 2011. He holds a Diploma in Business Studies from The University of the South Pacifi c. CHUA SOCK KOONG • Executive and non-independent Director • Last Re-elected: 21 Jul 2015 • Member, Optus Advisory Committee • Number of directorships in listed • Date of Appointment: Director on 12 Oct companies (including Singtel): 2 2006 and Group Chief Executive Officer (CEO) on 1 Apr 2007 Ms Chua Sock Koong, 58, was appointed Group CEO on 1 April 2007.
    [Show full text]
  • Annual Report 2018 Re-Imagining Olam
    Strategy Report Olam International Annual Report 2018 Re-imagining Olam Offering tomorrow’s products and services Strategy Report Olam International Limited Annual Report 2018 olamgroup.com About this report Contents Strategy Report Strategy report This chapter offers narrative about our strategy, our 2 Our financial and performance and key market factors and trends. It can be performance highlights read independently as an 8 Chairman’s letter Executive Summary or as part of the full report. 10 Group CEO review 26 Our business model Governance Report This section gives detailed 28 Our strategy in action information about our rigorous governance framework and those 40 Group COO review responsible for ensuring it is 76 Manufactured Capital followed. Shareholder information is also held within this chapter. 80 Human Capital 85 Social Capital Financial Report 92 Natural Capital Our figures and respective notes are enclosed within this chapter. 101 Intellectual Capital It should be read in conjunction 104 Intangible Capital with the Strategy Report to give a balanced account of internal and Integrated Impact external factors. 108 Statement 111 Engaging stakeholders 114 Risk Management 118 General information Navigating the Strategy Report Our Value Chain Edible Nuts Confectionery Food Industrial Raw Commodity and Spices and Beverage Staples and Materials, Financial Ingredients Packaged Infrastructure Services Foods and Logistics Our Capitals Front cover image: At Olam Spices’ Innovation and Quality Centre in Fresno, California, USA, Hein Tran
    [Show full text]
  • The Straits Times, U, and a 40 Per Cent Stake in Mediacorp Press Limited, the Business Times, the New Paper, Berita Harian, Which Publishes the Free Newspaper, Today
    MEDIASCAPE Maintaining Focus in an Evolving Mediascape Annual Report 2016 CONTENTS 01 26 61 70 Corporate Further Information on Daily Average Corporate Profile Board of Directors Newspapers Circulation Information 02 30 62 71 Businesses and Products Senior Financial Sustainability under the SPH Group Management Review Report 14 38 65 76 Organisation CEO’s Overview of Group Value Added Corporate Governance Structure Operations Statement Report 15 50 66 96 Group Financial Significant Investor Risk Highlights Events Relations Management 16 56 68 113 Chairman’s Awards & Investor Financial Statement Accolades Reference Contents 20 60 Board of SPH Newspapers Directors Readership Trends Singapore Press Holdings Annual Report 2016 CORPORATE PROFILE INCORPORATED IN 1984, MAIN BOARD-LISTED SINGAPORE PRESS HOLDINGS LTD (SPH) IS ASIA’S LEADING MEDIA ORGANISATION, ENGAGING MINDS AND ENRICHING LIVES ACROSS MULTIPLE LANGUAGES AND PLATFORMS. Media SPH has a 20 per cent stake in MediaCorp TV Holdings The English/Malay/Tamil Media group comprises Pte Ltd, which operates free-to-air channels 5, 8 and the print and digital operations of The Straits Times, U, and a 40 per cent stake in MediaCorp Press Limited, The Business Times, The New Paper, Berita Harian, which publishes the free newspaper, Today. and their respective student publications. It also includes subsidiaries Tamil Murasu Ltd, which publishes Properties Tamil Murasu and tabla!; book publishing arm Straits SPH REIT is a Singapore-based REIT established to Times Press; SPH Data Services, which licenses the invest in a portfolio of income-producing real estate use of the Straits Times Index in partnership with the primarily for retail purposes.
    [Show full text]
  • SIAEC GOES IPO SIAEC Goes IPO (4/5/2000) the Following Announcement Was Sent to the Singapore Exchange This Morning
    04 May 2000 SIAEC GOES IPO SIAEC goes IPO (4/5/2000) The following announcement was sent to the Singapore Exchange this morning: "Singapore Airlines Limited wishes to announce that it is proceeding with the initial public offerings of shares of its two subsidiary companies, SIA Engineering Company Limited and Singapore Airport Terminal Services Limited. The offerings comprise 110 million vendor shares of SIA Engineering Company Limited for subscription at $2.05 each, and 110 million vendor shares of Singapore Airport Terminal Services Limited for subscription at $2.50 each. The offerings will be launched this afternoon. Complete details will be contained in the respective prospectus." Related Stories Singapore Airlines to List Two Major Subsidiaries (27 January 2000) The Board of Directors of Singapore Airlines (SIA) has decided to proceed with the listing of the ordinary shares of two major subsidiaries, Singapore Airport Terminal Services (SATS) and the SIA Engineering Company (SIAEC), on Singapore Exchange Securities Trading Limited. The decision was based on the conclusions of a three-month study by two major investment banks, Development Bank of Singapore (DBS) and Merrill Lynch, to consider the arguments for and against such a listing. Explained SIA Deputy Chairman and CEO Cheong Choong Kong: "This is not an exercise to raise capital. The object of the listings is to allow SATS and SIAEC to be more independent and grow faster than if they remained fully-owned by SIA. There will be greater incentive for them to secure more third-party work and enter into more business ventures internationally." SIA will remain a majority shareholder of SATS and SIAEC.
    [Show full text]
  • Validated Maintenance Organisation Approvals | Bailiwick of Guernsey STATUS AS on 1 SEPTEMBER 2021
    Validated Maintenance Organisation Approvals | Bailiwick of Guernsey STATUS AS ON 1 SEPTEMBER 2021 Approval no. Name of Maintenance Organisation Country 2-REG.145.1.UK Aircraft Servicing Guernsey Limited United Kingdom 2-REG.145.2 RGV Aviation Limited United Kingdom 2-REG.145.3 Turkish Technic Turkey 2-REG.145.4 Rheinland Air Services GmbH Germany 2-REG.145.6 AMAC Aerospace Switzerland AG Switzerland 2-REG.145.7 ATS Aero Limited United Kingdom 2-REG.145.8 Fokker Services Netherlands 2-REG.145.9 Castle Air United Kingdom 2-REG.145.12 Inflite United Kingdom 2-REG.145.15 Jet Aviation Switzerland 2-REG.145.18 Airlines Maintenance Company France 2-REG.145.20 BCT Aviation Maintenance Ltd. United Kingdom 2-REG-145.25 OGMA – Industria Aeronáutica de Portugal S.A Portugal 2-REG.145.26 Air Works India Engineering Pvt. Ltd. T/A Air Works Commercial MRO India 2-REG.145.27 Gulfstream Aerospace Ltd. United Kingdom 2-REG.145.28 Caerdav Limited United Kingdom 2-REG.145.32 GMR Aero Technic Ltd EASA 2-REG.145.32.I M/s GMR Air Cargo and Aerospace Engineering Ltd. India 2-REG.145.33 Boeing Shanghai Aviation Services China 2-REG.145.35 SIA Engineering (Philippines) Philipines 2-REG.145.37 Cessna Zurich Citation Service Center GmbH Switzerland 2-REG.145.41 Storm Aviation Ltd. United Kingdom 2-REG.145.42 Tarmac Aerosave S.A.S France 2-REG.145.48 Signature Technicair United Kingdom 2-REG.145.50 AerSale Inc United States 2-REG.145.51 KLM Engineering & Maintenance Netherlands 2-REG.145.52 Contact Air Technik GmbH Germany 2-REG.145.54 Croatia Airlines d.d Croatia 2-REG.145.58 Apple Aviation United Kingdom 2-REG.145.59 ST Engineering Aerospace Services Company Pte.
    [Show full text]
  • "Best Asia Pacific Airline Mro Operation of the Year" Award
    03 December 2002 SIA ENGINEERING WINS "BEST ASIA PACIFIC AIRLINE MRO OPERATION OF THE YEAR" AWARD SIA Engineering wins “Best Asia-Pacific Airline MRO Operation of the Year” Award from Aviation Week SINGAPORE – 3 December 2002 – Mainboard-listed SIA Engineering Company Limited has been awarded “Best Asia-Pacific Airline Maintenance, Repair and Overhaul (MRO) Operation of the Year” by Aviation Week, a renowned industry publication. A member of the McGraw Hill & Companies in the United States, Aviation Week is widely read by members of the airline and aerospace industry worldwide. Held in conjunction with MRO Asia Conference and Exhibition at the Suntec International Convention and Exhibition Centre from 3 to 5 December, the Award -- which is in its second year -- recognises companies operating in the Asia-Pacific region for excellence in aviation and aerospace aftermarket operations. Said Mr Frank Jackman, Editor-in-Chief of Aviation Week’s publication, Overhaul and Maintenance magazine: “SIA Engineering was chosen for this Award by the editors and writers of Overhaul & Maintenance and Aviation Week because of its dedication to safety and quality, its demonstrated operational excellence, and because of the way the Company and its managers have successfully navigated one of the most difficult economic periods in the history of commercial aviation.” About SIA Engineering Company SIA Engineering Company is a major provider of aircraft maintenance, repair and overhaul (MRO) services in Asia-Pacific. The Company has a client base of more than 80 international carriers and aerospace equipment manufacturers. It provides line maintenance services at Singapore Changi Airport for about 220 flights daily, as well as airframe and component overhaul on some of the most advanced and widely used commercial aircraft in the world.
    [Show full text]
  • SIA Engineering Company Signs $2.9 Billion Services Agreement with Singapore Airlines
    SIA Engineering Company Signs $2.9 Billion Services Agreement with Singapore Airlines SINGAPORE, 15 April 2015 - Mainboard-listed SIA Engineering Company Limited (SIAEC) is pleased to announce the renewal of its comprehensive Services Agreement with Singapore Airlines (SIA). The existing Services Agreement with SIA expires in 2015. The new agreement, commencing 1 April 2015, is for a term of 3 years, with options to renew for 3 years and a further period of 2 years. SIAEC’s support of the SIA fleet covers a broad spectrum of maintenance, repair and overhaul (MRO) and fleet management support services. The agreement is expected to yield $2.6-2.9 billion in labour revenue over the 8-year term. SIAEC’s Chief Executive Officer, Mr Png Kim Chiang said: “We value the strong commercial relationship and synergies we share with our anchor customer, SIA. The renewal of this Services Agreement reaffirms our commitment to providing high quality and comprehensive engineering support to the Airline. We will continue to work closely with SIA to uphold its engineering excellence.” "SIA is focused on upholding the highest engineering standards of aircraft safety and reliability in its operations, with cabin excellence a hallmark of SIA’s reputation and success. The renewal of this Agreement underlines our confidence in SIAEC’s outstanding engineering capability to achieve these objectives,” said Mr Mervyn Sirisena, Senior Vice President Engineering, Singapore Airlines. As the new Services Agreement re-establishes an existing arrangement, it is not expected to have a material impact on SIAEC’s financial performance in FY2015/16. None of the Directors of SIAEC has any interest, direct or indirect, in the transaction.
    [Show full text]
  • About Olam Our Vision Our Purpose
    About Olam Established in 1989, Olam traded cashews from Nigeria to India. Today Olam is a leading agri-business operating from seed to shelf, supplying food and industrial raw materials to over 16,200 customers worldwide. Our team of over 62,500 1 employees across 70 countries has built leadership positions in several of our 16 platforms, including cocoa, coffee, cashew, rice and cotton. We work with 4 million smallholder farmers and their communities. We are listed on the Singapore Exchange (SGX) and are among the top 30 companies by market capitalisation. Our vision To be the most differentiated and valuable global agri-business by 2040. Our purpose Growing Responsibly describes how we do business. We ensure profitable growth is achieved in an ethical, socially responsible and environmentally sustainable manner. This is integral to our business model. About the cover images Top left: Onion processing, USA Top right: Almond orchard, Australia Bottom left: Coffee outgrower operation, Tanzania Bottom right: Wheat mill, Ghana This page: Black pepper, Vietnam 1. Employees include full‑time, seasonal, contract and temporary workers. Overview Contents Our leadership team Olam has an experienced Board and Executive Committee, Overview focused on ensuring good governance and achieving the governing objective of maximising long‑term intrinsic value for our continuing Chairman’s statement Group CEO's review Group COO's review shareholders. Our Chairman Kwa Chong Co‑Founder and Group CEO, A. Shekhar, discusses the Seng explains the changes Sunny Verghese, outlines our Company's financial and to the Board and our strategy and key growth operating performance shareholders on pages initiatives made during the on page 32.
    [Show full text]
  • XX September 2011
    20 September 2011 VODAFONE AND CONEXUS MOBILE ALLIANCE FORM STRATEGIC PARTNERSHIP • Significantly expands Vodafone’s presence in Asia and provides Conexus with greater access to Vodafone’s global footprint • Advances both Vodafone’s and participating Conexus members’ ability to deliver communications services to multinational businesses both in and out of the region • Enhances the roaming experience for a combined global mobile customer base of over 600 million Vodafone Group (“Vodafone”) and the Conexus Mobile Alliance (“Conexus” or the “Alliance”) today jointly announce that they have agreed to form a strategic partnership which will significantly expand Vodafone’s partner market presence in Asia and provide Conexus member customers with greater support in Vodafone’s global footprint. Vodafone intends to work with as many of the Conexus members as possible*, complementing Vodafone’s own regional operations in India, Australia, Fiji and New Zealand and its existing partners in Malaysia (Celcom) and Sri Lanka (Dialog). Over time, Vodafone’s agreement with Conexus will include partnerships with: - FarEasTone (Taiwan); - Hutchison Telecom (Hong Kong); - NTT DOCOMO (Japan); - SMART (the Philippines); - StarHub (Singapore); and - TrueMove (Thailand). Vodafone and Conexus also intend to expand partnerships with remaining Conexus members, such as KT in South Korea, to further enhance coverage. In countries where Vodafone already has a current partner market agreement in place, any new agreement with a Conexus member would take effect once the existing contract had expired. The move will enhance both Conexus members’ and Vodafone’s ability to meet growing demand among multinational businesses for sophisticated voice and data communications solutions as well as advanced roaming services within and out of Asia.
    [Show full text]